What is a 15 Year Fixed Rate Mortgage?
The most aggressive of the Fixed Rate Mortgage options. This loan is paid off in only 15 years, resulting in a much higher monthly payment. Sometimes referred to as the “Yuppie Mortgage”, this program is for individuals who can afford the higher monthly payment and are willing to pay more over a shorter period of time with the goal of owning the home without debt as soon as possible. This loan is for you if you are very aggressive about owning your home sooner or are close to retirement and wish to remain in your home and not start retirement with any significant debt.
